Suspected Ethereum co-founder Lubin's associated wallet injected 110,000 ETH into the Sky treasury, consolidating a $259 million DAI position

According to Lookonchain tracking, a wallet marked by Arkham Intelligence as "Joseph Lubin?" deposited 110,000 ETH into three Sky Finance (formerly MakerDAO) vaults on Friday, completed in four transactions (40,000, 40,000, 30,000, and 1 ETH).

The wallet had been inactive for over three years. At the time of the transfer, the ETH price was approximately $1,575, having dropped about 10% within 24 hours. This deposit aims to replenish collateral for $259.05 million in outstanding DAI debt. After the deposit, the total amount of WETH collateral in the three vaults is approximately 412,430 ETH, valued at about $677 million at current prices, with the liquidation prices for the three vaults being $899, $1,020, and $1,056, providing about a 55% safety margin from the nearest liquidation line.

Lubin and ConsenSys have not publicly confirmed or denied ownership of the address. Previously, Lookonchain mistakenly attributed an LDO sell-off to Lido co-founder Cobie three days ago, later retracting and confirming that the wallet belongs to Wintermute, indicating a potential misjudgment in the on-chain labeling.